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Commutation payments from your RRSP

A commutation payment from your RRSP may be transferred directly to an RRSP, a RRIF, or to buy yourself an eligible annuity. You can use Form T2030, Direct Transfer Under Subparagraph 60(l)(v), to make this request.

Note
 Under proposed legislation, amounts cannot be transferred to an RRSP if you were over 71 at the end of the tax year.

Completing your tax return

This payment is shown in box 22 of your T4RSP slip. Report this amount on line 129 of your return.

  • If the payment is transferred directly to your RRSP, complete and submit Schedule 7, RRSP Unused Contributions, Transfers and HBP or LLP Activities, with your return. Show the amount of the payment transferred on line 240 of this schedule and claim it on line 208 of your return.

  • If the payment is transferred directly to your RRIF or used to purchase an eligible annuity, claim the amount on line 232 of your return.

If you receive the commutation payment in cash or by cheque, the payment is not a transfer and is not tax free.

Date Modified: 2007-05-31

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